Core Insights - The number of billion-level private equity firms has increased to 108 as of October 28, 2025, up from 96 at the end of September 2025, marking an increase of 12 firms [1] - Quantitative private equity firms have emerged as the new main players, with 8 out of the 13 new entrants being quantitative firms [1][2] - The average return for billion-level private equity firms this year is 30.49%, with 98.57% of these firms achieving positive returns [3][4] Group 1: Growth of Billion-Level Private Equity Firms - The number of billion-level private equity firms has risen by 17 compared to the end of 2024, with 31 new entrants and 14 exits [2] - Among the new entrants, 18 are quantitative firms, 9 are subjective firms, and 3 are mixed [2] - Notable new entrants include firms like Xiyue Investment and Square Harmony Investment, while familiar names like Honghu Private Equity and Shanghai New Equation have returned [2] Group 2: Performance Metrics - Quantitative private equity firms have an average return of 33.06%, outperforming subjective firms, which have an average return of 25.92% [4] - Of the 70 billion-level private equity firms with performance data, 69 achieved positive returns, with 35 firms yielding returns between 30% and 49.99% [3][4] - The performance distribution shows that 39 firms have returns exceeding 30%, with the majority being quantitative firms [4]

Core Insights - The median return of private equity firms in Hangzhou for the first three quarters is nearly 29%, with the top 10 firms having a threshold return of over 35% [2] Group 1: Private Equity Firms Overview - There are 47 private equity firms in Hangzhou that meet the statistical criteria of the data provider [2] - Among the top 10 private equity firms, 5 are quantitative, 4 are subjective, and 1 employs a combination of both strategies [2] - In terms of core strategies, 8 firms focus on stock strategies while 2 adopt multi-asset strategies [2] Group 2: Top Private Equity Firms - The top 5 private equity firms in Hangzhou for the first three quarters of 2025 are: Nongfu Private Equity, Haokun Shengfa Asset, Berkshire Investment, Yunqi Quantitative, and Hangzhou Boyan Private Equity [2] - Notable firms in the top 10 include well-known billion-dollar quantitative firms such as Ningbo Huansheng Quantitative and Longqi Technology [2]